Menu
Expat.com

Renting a condo in Playa del Carmen?

Post new topic

GuestPoster098

Hello all!  New to the forum - I live in Los Angeles and posted last week on the Costa Rica forum as well. Currently doing research re: purchasing a condo in Playa del Carmen as an investment, to rent out to others (would be purchasing with a self-directed IRA, so I can't live in it at all).

Do any of you have experience renting from afar?  If I want to rent by night/week (rather than long term, monthly or annual), can I pay a local property manager to coordinate keys, cleaning, etc.? 

Obviously I would visit and check out places firsthand before making any decisions.  Advice/input much appreciated!

gaby/allan

Hi If you are  going to buy an investment / rental property, check with a local accountant in LA and see what the tax laws are to having a company owned property or personal for tax purpose. Adding  it in your will for estate sale, look at the tax implications. I used to do financial planning in Canada.
Canada does not allow gifting or transfer of properties without a tax implications. Capital Gains tax applied to the increased value of the property if is not your primary dwelling. Depending on your tax bracket. You can buy life insurance policy through a reputable agent to pay off the Capital gains tax if this is how the IRS tax laws works. This policy if paid through a company maybe tax deductible if the company pays "(depending on the IRS tax laws)."
Please research thoroughly before buying then you will not get into tax trouble later on.
I know people who have got themselves in trouble for not doing their homework and got caught by revenue Canada later. oops
All I am saying is be very careful with the IRS. Get a lawyer involved from LA in your purchase
As for the purchase do you know someone in Playa DEl Carmen you can "Trust" loca. Be very cautious from my own experience. Or find a local broker in LA to manage and advertise for you maybe safer

Articles to help you in your expat project in Mexico

  • Accommodation in Mexico
    Accommodation in Mexico

    If you are moving to Mexico for a long-term stay, it is important to take your time and find a place that you ...

  • Accommodation in Cancun
    Accommodation in Cancun

    Like in other parts of Mexico, the best way to find accommodation in Cancun is by searching for one while ...

  • Accommodation in San Miguel de Allende
    Accommodation in San Miguel de Allende

    San Miguel de Allende attracts thousands of tourists, expatriates, professionals, retired senior citizens, ...

  • Accommodation in Mexico City
    Accommodation in Mexico City

    As you get better acquainted with Mexico City, you will start to gravitate towards certain types of renting ...

  • Accommodation in Jalisco
    Accommodation in Jalisco

    Jalisco is the seventh-largest state in Mexico and the fourth most populous. It has a lot to offer expatriates, ...

  • Buying property in Mexico City
    Buying property in Mexico City

    People travel from all across the globe to reside in Latin America because of its cultural richness and usually ...

  • Popular neighbourhoods in Mexico City
    Popular neighbourhoods in Mexico City

    One of the best things to do during an extended stay in Mexico City is to compare the different neighbourhoods and ...

  • Dating in Mexico
    Dating in Mexico

    We can recognize an intrinsic spark of love in the Mexican culture, "la serenata." Remember that ...

All of Mexico's guide articles